Business
Naira gains ground against dollar at parallel market
Ahead of Monday’s launch of a foreign exchange interbank trading window in Nigeria, the local currency gained against the dollar as dealers anticipate supply glut in line with the Central Bank of Nigeria (CBN) move for a market driven FX prices.
At the parallel market on Friday, FX dealers sold dollar at N335 and bought at N330, investigation shows. They sold at N365 as at Thursday, and bought at N360.
They also anticipate further decline ahead of Monday’s take-off of the interbank FX market.
ALSO SEE: New FX guidelines may ease pressure on naira
In a bold move that analysts expect to engender the much needed transparency and liquidity in the FX market, the CBN opted for a free-floating FX market structure.
The apex bank will on Monday start a new foreign exchange trading regime, abandoning its 16-month peg and setting the stage for the naira to rise sharply at the parallel market.
The International Monetary Fund (IMF) said it welcomes the decision of the CBN to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances.
-
Health7 days agoSenate hearing set to review research on COVID-19 vaccines, cancer concerns
-
Crime5 days agoLASU student dies after armed robbery attack
-
Featured5 days agoOsun APC counters Adeleke over security drone dispute, urges public to ignore allegations against Oyetola
-
Latest7 days ago2027: North will back Tinubu’s re-election bid, says ex-ACF Secretary-General
-
Latest1 week ago2027: The real reason Jonathan hasn’t accepted PDP ticket—Umar Sani
-
Politics5 days agoEmeka Ike reacts to alleged INEC-linked data breach
-
Latest1 week agoCG Musa 4 PBAT’ group declares support for Tinubu’s 2027 ambition, cites strategic leadership
-
Latest1 week agoEnugu Lawyers stage protest over suspension of physical Court sittings (video)